U.S. President Trump's previous release of his own eponymous cryptocurrency caused heated discussions. The cryptocurrency reached a peak of $70, but the price has now fallen sharply, causing a large number of investors to suffer huge losses. On February 15, Argentine President Javier Milai also announced the launch of LIBRA cryptocurrency on social media. This cryptocurrency also belongs to the meme category. After the news was released, the price of the cryptocurrency skyrocketed instantly.
However, Milai deleted the tweet 4 hours later and stated that he had no knowledge of it. Subsequently, the price of LIBRA dropped sharply, and a large number of investors who followed the trend and rushed in to buy suffered heavy losses. Afterwards, statistics showed that the LIBRA development team cashed out more than 100 million US dollars in just a few hours.
After Milley deleted the tweet, the LIBRA team issued a statement stating that President Milley did not participate in the development of the LIBRA project. In fact, the project was developed by a private team and disseminated through Milley's social account.
Argentinian officials have also issued a statement saying that they will investigate all companies and individuals involved in the issuance of LIBRA. Millais has also asked the Anti-Corruption Office to intervene in the investigation, so this matter should not end so soon.
Milai also continued to clarify afterwards that he originally thought that the tweet he posted was just to help the company promote it. He was not aware of the specific content, nor did he actually participate in the project or receive any income from the project.
The team behind the LIBRA project is KIP Protocol. Members of the team did meet with Millais in October last year. KIP plans to develop a blockchain project called LIBRA to provide financing services to private companies in Argentina.
The problem is that the LIBRA project issued by KIP this time is an extremely simple meme coin. You only need to modify the name and quantity on the platform to issue it. To put it bluntly, it is a scam.
Based on this, Milai requested the establishment of a special investigation bureau to urgently investigate all companies and individuals involved in LIBRA. The evidence obtained in the investigation will also be handed over to judicial authorities to determine whether the companies and individuals related to the KIP team have committed crimes.
At present, KIP team members seem to be a little panicked. The team stated that all related expenses and funds based on the project are still under control, and these funds will not be used for personal interests. At the same time, KIP plans to use 100% of the funds they control (more than 100 million US dollars) to repurchase LIBRA tokens and destroy them.
However, this method has no practical use except to raise the price of LIBRA again. To be honest, we all suspect that KIP is planning to cut another wave of leeks following this increase. In this way, although the US$100 million earned has been spent, it can still make profits again by manipulating the market.